Many companies don't just undervalue their current staff, they underestimate the market value and demand for that staff. My wife was in this situation, pushed for market analysis of her staff (mostly PMs) to take to management in an argument to give out raises. That analysis was some employees were underpaid by almost half the market rate. Management disagreed with the analysis. Within 2 years, the entire department was depopulated, having taken alternate job offers for considerably more money. The CFO couldn't grasp that people wouldn't just stay out of loyalty at 60% of what they could make elsewhere.
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